Research
Working Papers
FinTech Lending with LowTech Pricing (with M. Johnson, I. Ben-David and J. Lee)
2024 AFA Annual Meeting
Market-Based Innovation Policy: Evidence from High-Tech Incubators in China (with Y. Pan, T. Shu and P. Zhang)
2023 ABFER Annual Meeting
FinTech, Market Power and Monetary Transmission (with Q. Wang)
2023 AEA Annual Meeting
Sales Force Incentives and Consumer Credit (with R. Ramcharan)
Surviving the Fintech Disruption (with W. Jiang, Y. Tang and R. Xiao)
R&R, Journal of Financial Economics
Selected Published Papers
Valuation of Long-Term Property Rights under Political Uncertainty (with Z. He, M. Hu and Z. Wang)
American Economic Review, Forthcoming
Searching for Approval (with S. Agarwal, J. Grigsby, A. Hortaçsu, G. Matvos, and A. Seru)
Econometrica, Forthcoming
Second Chance: Life With Less Student Debt (with M. Di Maggio and A. Kalda)
Journal of Finance, Forthcoming
Corporate Climate Risk: Measurements and Responses (with Q. Li, H. Shan and Y. Tang)
The Review of Financial Studies, 37 (6), 1778-1830.
Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program (with S. Agarwal, G. Amromin, S. Chomsisengphet, T. Piskorski, and A. Seru)
The Review of Economic Studies, 90(2), 2023, 499-537. Lead article.
The Pass-Through of Uncertainty Shocks to Households (with M. Di Maggio, A. Kermani, R. Ramcharan and E. Yu)
Journal of Financial Economics, 145 (1), 2022, 85-104.
Fintech Borrowers: Lax-Screening or Cream-Skimming? (with M. Di Maggio)
The Review of Financial Studies, 34(10), 2021, 4565-4618
Comovements and Asymmetric Tail Dependence in State Housing Prices in US: A Nonparametric Approach (with H. Huang and L. Peng)
Journal of Applied Econometrics, 34(5), 2019, 843-849
Interest Rate Policy Pass-Through: Mortgage Rates, Household Consumption and Voluntary Deleveraging (with M. Di Maggio, A. Kermani, B. Keys, T. Piskorski, R. Ramcharan, and A. Seru)
American Economic Review, 107(11), 2017, 3550-88
Systemic Mistakes of Borrowers in the Mortgage Market and Lack of Financial Sophistication (with S. Agarwal and I. Ben-David)
Journal of Financial Economics, 123, 2017, 42-58
Why Do Borrowers Make Mortgage Refinancing Mistakes? (with S. Agarwal and R. Rosen)
Management Science, 62(12), 2016, 3494-3509
Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market (with S. Agarwal and I. Ben-David)
Management Science, 61(9), 2015, 2220-2240
Foreclosure Externalities: New Evidence (with K. Gerardi, P. Willen and E. Rosenblatt)
Journal of Urban Economics, 87, 2015, 42-56
The Foreclosure Discount: Myth or Reality? (with J. Harding and E. Rosenblatt)
Journal of Urban Economics, 71, 2012, 204-218
The Contagion Effect of Foreclosed Properties (with J. Harding and E. Rosenblatt)
Journal of Urban Economics, 66(3), 2009, 164-178